Bitcoin Gains Momentum as Traders Look for Confirmation
Bitcoin has risen nearly 7.7% since the start of 2026, reaching highs around $94,420, close to a six-week peak. Despite this rally, Bitcoin’s aggregated open interest in perpetual contracts remains flat at $31.4 billion, about a third lower than its October 2025 high, pointing to limited new bullish positioning compared to past peaks. Order book data shows sell pressure dominates, and weak spot demand among U.S. investors further tempers optimism. However, options markets signal reduced bearish sentiment, with put skew narrowing and notable purchases of high-strike calls, indicating increased demand for upside exposure. Much of the rebound appears to be driven by short covering rather than strong new buying. Supportive factors include strong January ETF inflows, especially from institutions, and seasonal momentum benefiting risk assets. Caution remains: analysts urge monitoring Bitcoin’s support levels around $92,000–$90,000 in case ETF flows weaken or macro conditions tighten. For sustained gains above $95,000, a significant increase in trading volume is seen as crucial; otherwise, profit-taking is likely.
